Prime Minister Narendra Modi’s government is working to support young people, women, underprivileged groups, and those who are unemployed, as well as to take care of the elderly.
The government has introduced various pension schemes in the past 9 years, allowing individuals to secure their retirement with low expenses.
One such program is the Prime Minister Vaya Vandan Yojana. With this scheme, the money you invest stays safe, and you receive regular returns.
The great thing about this plan is that when both the husband and wife reach 60 years old, they can enjoy a guaranteed monthly pension of Rs 18,500 together.
The significant benefit is that after 10 years, you get back your entire investment. This program was created by the Modi government, considering the needs of senior citizens.
It’s a social security and pension plan introduced by the Government of India but operated by the Life Insurance Corporation of India.
Under this scheme, senior citizens receive higher interest on their investments compared to other plans.
People aged 60 or above can choose a monthly or annual pension plan, with a maximum investment limit of Rs 15 lakh.
The Pradhan Mantri Vaya Vandan Yojana offers 8 percent interest on the monthly pension plan for 10 years.
If you choose the annual pension plan, you get 8.3 percent interest for the same period. You can apply for this scheme online or offline, including through the official LIC website.
Depending on the chosen plan, the first pension installment is received after 1 year, 6 months, 3 months, or one month after depositing the amount.
The pension amount ranges from Rs 1,000 to Rs 9,250 per month, depending on your investment.